Rutgers sees modest economic gain from Sandy

Jan. 15, 2013

Above: A passer-by observes the wreckage to the King of All Cars Used Car dealership on Memorial Drive in Asbury Park after Hurricane Sandy tore the roof off the building Monday evening. Below: Sections of the Asbury Park boardwalk were swept away as Hurricane Sandy moved onshore in Asbury Park. PHOTOS BY MARY FRANK/STAFF PHOTOGRAPHER NJ SANDY 103012 HURRICANE SANDY AFTERMATH TUES OCT 30 ,2012. A passerby observes the destruction to the King of All Cars Used Car dealership on Memorial Dr. in Asbury Park, after Hurricane Sandy tore the roof off the building Monday evening. Tuesday, October 30, 2012. PHOTOGRAPHER/MARY FRANK - NJ - NEWS - 10/30/12. / MARY FRANK

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| Associated Press

NEW BRUNSWICK — Economists at Rutgers University are estimating that Superstorm Sandy will have a net positive effect on New Jersey’s economy assuming the state pulls in at least $25 billion for recovery and reconstruction.

A report out Monday from the Bloustein School of Planning and Public Policy concludes the state economy should perform modestly better through 2015 than it would have if the storm hadn’t hit.

But the Rutgers report warns its forecast is “critically dependent” on the expenditure of at least $25 billion in private and public restoration funds. It also says other factors including changes in federal fiscal policy could throw the projection off.

Even if the state benefits economically in the long term, the Rutgers report says the “damages, both human and economic, are enormous and real.”